JPMorgan restates first-quarter results, citing trader marks

JPMORGAN-LOSS-RESTATEMENT:JPMorgan restates first-quarter results, citing trader marks

JPMorgan Chase & Co said it had made $459 million less in the first quarter than it previously reckoned, because traders in its Chief Investment Office had misstated the value of their positions.

The company said the misstatements reflected material weaknesses in its internal control over financial reporting in the first quarter.

The restatement will reduce the company's first-quarter earnings, but will also reduce the CIO's trading losses in the second quarter.